Major Vic parties reveal crucial costings

Victoria's major political parties are due to reveal their vital election costings two days before the official poll.

Both Labor and the Liberal-Nationals coalition have been busy making promises worth millions and billions of dollars and on Thursday the bottom line is expected to be known.

RMIT dean of Global, Urban and Social Studies David Hayward has been keeping his own tally of the shopping lists and admitted "it's not all that easy to add it all up", but there have been more than $110 billion worth of commitments from each side.

"The single biggest item by a long way is the proposed suburban underground that Labor put on the agenda early in the election campaign," Prof Hayward told ABC radio.

"That's $50 billion of that $110 billion, but remember the spending on that doesn't begin until not the next term but the term after that."

When considering the outgoings for the next four-year political term, Labor's promises equal close to $23 billion, he noted.

"That's the trick in this election campaign that so much of it is not going to be delivered until not the next government but the government after that," Prof Hayward said.

"The coalition is promising about $31 billion ... (which) comes all the way back to about $10 billion.

"That's because the big-ticket item for them is the $15 billion regional fast-train network, the European-style trains, the bulk of that, $10 billion, doesn't happen until after the next term."

Labor added to its promises overnight, announcing plans for a 10-day, state-wide music festival, called Victoria Live.

The festival, slated to debut in winter 2020, would include a mix of free and ticketed events with live music, talks, local food, wine and craft beer.